Bitcoin: Giving Ireland a push in the right e-business direction?

With the introduction of Bitcoin in 2009, Ireland was slow to jump onto this new revolutionised digital currency bandwagon. In Canada and the US, ATMs have been installed around the nation specifically for Bitcoin. Huge American and Canadian companies such as Zynga, TigerDirect, Clearly Canadian and Overstock.com now all accept Bitcoin as payment. Ireland have now realised the potential value that the Bitcoin can add to its economy and business and have began measures to capitalise on this. Ireland’s first Bitcoin ATM was opened in Dublin this year, where users convert physical cash into Bitcoin. In order for this to work, users will first have to download their own digital wallet in which to store their new currency. Further moving Ireland towards US success of Bitcoin usage, Eircoin has been set up. Eircoin is presently Irelands only Bitcoin broker, however, I advise watching this space as Bitcoin gets more and more popular and others elect to cash in on this digital phenomenon. Although as of yet few large Irish businesses accept Bitcoin as payment, the small amount that have adopted this method are set, in my opinion, to pave the way for others. Some businesses like Ring Farmhouse, a B&B in Offaly have welcomed this new currency. The Baggot Inn in Dublin recently became the first pub in Ireland to accept Bitcoin for a pint. As slow as Ireland may be to adopt Bitcoin, watch this space over the next couple of months as Irish businesses realise its potential value.

References:

http://www.joe.ie/tech/tech-news/a-pub-in-dublin-became-the-first-boozer-in-the-country-to-accept-bitcoin-for-a-pint-last-night/

http://www.rte.ie/news/business/2014/0313/602037-bitcoin-atm/

https://www.eircoin.net/

http://www.siliconrepublic.com/business/item/35451-irish-retailers-and-specula/

http://www.theregister.co.uk/2013/12/06/bank_of_america_says_bitcoin_could_become_the_currency_of_ecommerce/